Need to raise MSMEs contribution for India to be 3rd largest economy: Rane

There is a need to increase the contribution of India's micro, small and medium enterprises to become the third largest economy in the world by 2030, Union Minister Narayan Rane on Tuesday said.

The MSME minister also said that a survey should be conducted to ascertain the number of micro-enterprises that have been shut in the country.

According to the Udyam Registration Portal, 97 per cent of the MSMEs registered are micro units.

"Even if we make efforts to increase the productivity of micro-enterprises we can become the third largest economy in the world by 2030," Rane said.

The minister said at present, Japan (USD 4.3 trillion) and Germany (USD 4.03 trillion) are third and fourth largest economies, while India has a GDP of USD 3.46 trillion.

He asked officials to make more efforts for entrepreneurs' transition to small from the micro category.

Rane also said the latest technology needs to be adopted and related information must be disseminated among entrepreneurs.

Various initiatives were launched on the occasion of MSME Day by the minister, including MSME Idea Hackathon 3.0 for women entrepreneurs; Champions 2.0 portal; MSME Geotagging Mobile Apps for MSME DFOs, Clusters (Testing Centers and Technology Centers); and Call for Ideas for Application if 5G Technology in MSME.